Intel Corp. chief executive Pat Gelsinger said the chip shortage will last longer than expected as the semiconductor giant reported a decrease in quarterly sales with PC purchases slowing.
The Santa Clara, CA-based company profited handsomely from the shift to remote work and learning, which drove a shopping frenzy for desktops and laptops, many using Intel's chips. PC shipments fell by about 5% in the first quarter, according to estimates from International Data Corp., suggesting that a two-year wave of demand might have crested.
Intel said Thursday that first-quarter sales fell almost 7% to $18.35 billion, missing Wall Street expectations. Intel generated net income of $8.1 billion.
Consumer demand for lower-end PCs was particularly slow, Mr. Gelsinger said, even though corporate demand for computers remained strong.
From The Wall Street Journal
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